DA targets $2 B foreign funding for infra projects
The Philippine Star|November 26, 2024
The Department of Agriculture (DA) is looking at securing at least $2 billion (about P118 billion) in foreign financing next year, including its single largest project loan, to bankroll its various infrastructure programs and projects aimed at improving domestic productivity and enhancing farmers' welfare.
JASPER EMMANUEL ARCALAS

Agriculture Assistant Secretary and spokesman Arnel de Mesa said the department is inching closer to securing its single largest foreign-assisted project from the World Bank valued at $1 billion.

De Mesa said the multilateral lender would conduct a pre-appraisal mission for the loan that would bankroll the DA's Philippine Sustainable Agriculture Transformation Project.

The loan agreement for the project is expected to be signed by the middle of next year.

It will be under the World Bank's program-for-results financing tool, which links the disbursement of funds to the achievement of certain goals and specific results.

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